Making Business Books and Accounting Come Alive! MYOB Reckon Xero

Customer overpaid me – How Enter in MYOB

1 Create another invoice for $500 to the client (Optional – you can post to a new sales account or clearing account eg 4.9000 Over-Payments, with GST as applicable, then it will stand out if not dealt with until later)

2 Apply Customer Payment to BOTH Invoices.

3 Create a CREDIT Invoice (because customer has credit with you for over paid amount) allocate to the clearing or 4-9000 Over-Paid account (if used), enter as a NEGATIVE amount, include some notes in the description (and in Journal Memo if desired) referring to the original invoice number and date, and the over-payment date. It is good to send an activity statement to show each transaction clearly, and the balance net due for the client.

4 The credit invoice will sit in Accounts Payable/ Debtors as negative, waiting to be dealt with – There are two ways to finalise…

b) Customer wants to wait until they order more to “use the credit”, enter the next sales, and when there is more than the credit sale > Sales Register > Returns & Credits > in lower LHS click on Apply to Sale > watch the memo and abbreviate with easy reference info. > Record. If there is still money due, that will reflect the same as the customer statement amount, and when customer pays, is easily applied.

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